The $100 Million Money Chase

Post by Mike Dorning at 10:28 am CST.

The coming presidential election appears set to become the most intense political fundraising competition ever. And most serious candidates will devote much of their time in 2007 to accumulating a warchest to start the presidential primaries.

For a serious primary campaign, the "ante" is $50 million raised by 2007 of Dec. 31, said one adviser to Sen. Barack Obama (D-Ill.). Several serious candidates already have set a target of raising a minimum of $100 million in advance of the first presidential caucus next January.

The "money primary" of 2007 will shape the field of candidates that voters choose from in 2008. An article in today's Tribune excerpted below offers a look at the reasons why money is playing a larger role in presidential politics today and how candidates will be chasing dollars.

THE PRESIDENTIAL CAMPAIGN

Forget sleep, it's time for fundraising
Candidates need $274,000 daily just to compete

By Mike Dorning
Washington Bureau

January 23, 2007

WASHINGTON -- The Iowa caucuses that kick off the presidential campaign are nearly a year away. For the most viable contenders, make that one year and $100 million away.

Sen. Hillary Rodham Clinton (D-N.Y.) has that capacity, and other contenders believe they do as well.

To wage a serious presidential campaign in 2008, the ante is $50 million raised by Dec. 31 of this year, said one adviser to Sen. Barack Obama (D-Ill.). And that is just to get a place at the table.

Those are daunting figures. To make the $100 million mark in a year, a candidate must bring in an average of nearly $2 million a week. That's $274,000 a day, including Sundays and holidays, all of it raised in increments legally limited to no more than $2,100 per person.

Start late or fall behind and the burden increases. "Every single day, the biggest part of your day is fundraising. Fundraising is going to take up more of your time than sleep if you're a candidate," said Democratic strategist Tad Devine, who advised presidential nominee Sen. John Kerry (D-Mass.) in 2004.

Clinton and New Mexico Gov. Bill Richardson joined in the competition for campaign money last weekend, announcing their own presidential exploratory committees less than a week after Obama entered the race, highlighting the importance of the intense competition for campaign funds.

On the Republican side, Sen. Sam Brownback of Kansas entered the race, part of a surge of early announcements that strategists attribute to a rush to raise campaign funds.

In this election, candidates will court well-heeled, well-connected supporters who can bring in hundreds of thousands of dollars from wealthy friends and business contacts. They will commute back and forth among New York, Chicago, Los Angeles, San Francisco, Palm Beach, Fla., and other money centers for mammoth events that in some cases may raise $1 million or more in an evening. They will hone marketing campaigns that use Internet sites, Web videos and e-mail to galvanize large followings of dedicated supporters whose modest individual contributions can add up to staggering sums.

Federal Election Commission member Michael Toner predicted "an unprecedented fundraising sprint during the first six months of this year, with candidates raising up to $50 million to $60 million by the end of June and $100 million by the end of the year."